ETH is down because of many sellers taking profits on a long position. It is normal in any market to see a massive dump. I don't think what is happening right now is a simple correction or retracement. But for me, I think ETH will need to bounce back to $400 to be bullish again.
And that $400 is very possible in the next coming days. It is not as if we are aiming to $1k here. Because we already hit the $400, and once btc is going up again, eth will also go up. So for me, $400 is very achievable even in the next couple of days.